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The principal notification No.64/95-Central Excise, dated the 16th March, 1995 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 256(E), dated the 16th March, 1995 and was last amended vide notification No.30/2007-Customs, dated the 10th July, 2007 which was published vide number G.S.R. 478(E), dated the 10th July, 2007.
Explore the intricacies of Section 263 under the Income Tax Act with the Supreme Court’s perspective in Commissioner Of Income-Tax vs. Max India Limited (2007) 295 ITR 282. The retrospective amendment in 2005, addressing the complexities of Section 80HHC, does not trigger Section 263. The court emphasizes the existence of two plausible views on ‘profits’ at the time of the Commissioner’s order in 1997. Uncover the nuanced interpretation of ‘prejudicial to the interests of the revenue’ and the significance of the 2005 amendment in this insightful judgment.
The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd November 2007. It is further clarified that the dates for obtaining tax audit report under section 44AB of the Income Tax Act have also been extended accordingly.
